Welteke Is Nominated to Succeed
Tietmeyer as Head of Bundesbank

FRANKFURT -- Chancellor Gerhard Schroeder's cabinet, as expected, nominated Ernst Welteke, a Bundesbank council member, to succeed Hans Tietmeyer as president of the German central bank.

Tuesday's nomination means Mr. Welteke, a longtime Social Democrat, is practically certain to win the eight-year post. The Bundesbank's council will review the proposal at Wednesday's biweekly meeting, but doesn't have veto powers. Results of the deliberation will be delivered to the government the same day, said a Bundesbank spokesman....